The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.4% to 7,234.4 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is up a massive 17% to 52 cents. This rare earths rare earths producer's shares have been on fire since the completion of its recent institutional placement. Arafura raised $121 million from institutional investors (including Gina Rinehart) at 37 cents per new share. These funds will be used to help accelerate the development schedule of the Nolans Project.
Block Inc (ASX: SQ2)
The Block share price is up 8% to $104.39. Investors have been buying this payments company's shares after a very strong showing from its US listed shares overnight. Block's NYSE listed shares rose 7.5% on Tuesday night after the tech sector rebounded following a lower than expected US inflation reading. This has sparked hopes that interest rates won't rise as much as feared.
Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price is up 8% to 49.7 cents. This morning, this lithium developer released an update on drilling results from the Goulamina Lithium Project in southern Mali. Drilling at the Danaya Domain at Goulamina is now complete and results continue to reveal high-grade, thick intercepts. Management notes that this confirms its expectations of multiple, wide mineralised pegmatite zones.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is up 16% to 75.5 cents. This gold miner's shares have taken off today after investors responded positively to its plan to merge with Genesis Minerals Ltd (ASX: GMD). The two gold miners plan to combine their Leonara District operations to form Hoover House. This will result in a mining company with a fully funded "capital-light" base case production target of +300koz per annum.
